On Thursday, French people took to the streets to protest their government.  This time, the protest revolved around the government's plan to overhaul pensions.  The French have long been known for their generous pension system, but Emmanuel Macron's government has claimed that the system is no longer sustainable. One does not need to have an intimate knowledge of French economics to believe that Macron is probably correct.  According to the CIA World Fact Book, France's birth rate is 12.1 births per every thousand people.  France therefore has one of the lowest birth rates in the world.  (America's birth rate is a less than robust 12.4 per thousand people, while several African nations have birth rates of over 40 births per thousand.)  Meanwhile, France's elderly population is rising, even as its younger population falls.  These demographic trends will not support...(Read Full Post)